Open Banking is here A secure and easy way to share your data. Now that’s Banking that’s good for you.

The Consumer Data Right (CDR) is legislation that the Federal Government has introduced to provide individuals and businesses with the ability to leverage their data to obtain new and better services with improved access to and rights over the data that businesses hold about them.

Open Banking is part of the CDR regime which the government intends to apply progressively to other industries apart from banking, including energy and telecommunications.

Under Open Banking Consumer Data refers to certain information held by an organisation (such as a bank) that relates to a customer and is covered by the Consumer Data Right (CDR) legislation. It includes, but is not limited to, contact information, the types of product(s) held by the consumer, account details, transaction history and loan repayment history.

Open Banking is being rolled out progressively across the banking industry.

For information on who is accredited by the ACCC to receive data through open banking, see the Australian Competition and Consumer Commission website

On 1 October 2020, Australian Unity Bank commenced data sharing for generic product information (known as product reference data) via our public Open Banking Product Application Programming Interface (API) to allow anyone to access product reference data on Australian Unity debit cards, transaction and deposit accounts and credit cards. We then expanded the number of products available on 1 February 2021 to include home loan and personal loan products.

Whether you are an existing  Australian Unity Bank customer or just making an enquiry about the products Australian Unity offers, you can access our specially dedicated product portal to find out all about our credit and debit cards, deposit accounts, transaction accounts and home loan and personal loan products (known as “Product Reference Data”). For more information on the Australian Unity product portal,  See here.

Australian Unity is committed to your data security. Open Banking uses a number of security measures and controls to transmit personal banking data securely using standardised Application Programming Interfaces (APIs). Once Open Banking is fully operational any request to access your personal data must be initiated by you, the customer via the Australian Unity website, Internet Banking platform or Mobile Application.

In addition, all authorised data recipients who are providing services by Open Banking must comply with privacy and security requirements and be accredited by the Australian Consumer and Competition Commission (ACCC).

Product reference data includes information such as the interest rates and fees charged by banks as well as the features and eligibility criteria for banking products. It is generic and not specific to particular customers.

For Developers interested in using the Product API please access more information https://open-banking.australianunity.com.au/cds-au/v1/banking/products

The Australian Government has launched the official Consumer Data Right website where you can find out everything about the Consumer Data Right and how it works and how it  can assist you. The website includes a number of features:

• Educational videos for consumers and industry
• Comprehensive guidance and educational material, including case studies for consumers
• A public register of participating data holders and accredited data recipients, searchable by consumers
• Consumer complaint forms

https://www.cdr.gov.au/

From November 2021, if you are an Australian Unity Bank customer aged 18 and over and eligible to participate in CDR, you can opt-in to share your account summary, balances and transaction history for open accounts with other banks and fintechs who are accredited recipient services.

• transaction and savings accounts.
• term deposits
• credit or debit cards
• home loans (mortgages) and offset accounts
• personal loans

Open Banking data recipients may offer services such as: product comparison tools, personal finance and budget management, financial well-being assessments and applications to help consolidate your banking data.

Open banking isn't mandatory and you have the option of whether you want to participate, what you want to share and when you want to share your data.  

We will keep you updated via this site regarding access to joint account data sharing.

Data Sharing allows you to share selected data from your nominated accounts with an accredited provider (Accredited Data Recipient) in order to use the tools or services they offer.

You can get started on an accredited provider’s website or app. They will provide a Consent Request service that allows you to securely connect with Australian Unity Bank to authorise us to share your data with that accredited provider.

Only data you authorise to share will be available to your accredited provider and will only be shared for the period and frequency you authorise us to.  The accredited provider will have policies and procedures in place as to how your data is used and what happens to that data when you stop sharing that data.

Open banking isn't mandatory and you may exit from the authorisation process at any time prior to approval and you will be returned to your accredited provider’s internet site. You can stop sharing at any time.

For more on how the Consumer Data Right works in practice, click here.

Once you have authorised Australian Unity Bank to share your selected data, the information will be transferred using secure automated data technology with your Accredited Data Recipient.

Your Accredited Data Recipient will use the data to provide the services or products that you have consented to. Your data may either be deleted or de-identified when it is no longer required.

Your Accredited Data Recipient will have specific policies in place for how they handle your data once it’s no longer required.

At this stage, the Australian Consumer Data Rights is introduced to the banking sector first. Accredited Consumer Data Right Recipients will only be able to receive your data if you provide your consent. Once you have provided your consent and authorisation, you will be able to share the data you want with your selected Accredited Data Recipient. You can also stop sharing at any time via your Consumer Dashboard with the Accredited Data Recipient, your Australian Unity Bank dashboard or by emailing us at bankingsupport@australianunity.com.au, 8.30am to 5.30pm (AEST) Monday to Friday.

Joint Accounts, business related accounts and closed, frozen or blocked accounts will not be eligible for Consumer Data Sharing. Limits to Account Holders under 18 years of age are also applied when determining if an account is available to share. Please contact 1300 790 740, 8.30am to 5.30pm (AEST) Monday to Friday for more information relating to the availability of your accounts.

Once you have authorised us to share your data, you will be able to access the consumer dashboard to review and manage all your Data Sharing arrangements. This dashboard will be available from within your existing Australian Unity internet banking application. If you need support, contact us at bankingsupport@australianunity.com.au or 1300 790 740, 8.30am to 5.30pm (AEST) Monday to Friday.

You may stop sharing your data at any time by emailing us at bankingsupport@australianunity.com.au, 8.30am to 5.30pm (AEST) Monday to Friday.

You may also stop your data sharing arrangement by following these steps:

1. Log in to the Australian Unity Internet Banking.
2. In the Accounts menu, select Data Sharing.
3. In the Current Data Sharing tab of your Consumer Dashboard, select the Data Recipient you want to stop sharing with. 
4. Click Stop. You will be asked to confirm that you want to stop sharing. 

If you choose to stop sharing your data the services provided as a result of this sharing arrangement may be impacted. You should check with your Data Recipient before you request to stop sharing your data to understand the consequences.

If you need support, you can email us at bankingsupport@australianunity.com.au

Visit https://www.cdr.gov.au/ for more information.